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MMi Daily Iron Ore Index Report April 26 2019

As of April 26, iron ore stocks across 35 Chinese ports shrank 3.23 million mt from a week ago and 20.99 million mt from a year ago, and stood at 125.46 million mt, SMM statistics showed. Stockpiling ahead of the Labour Day holiday accounted for the decline, even as arrivals across ports in the east and north increased after the tropical cyclone disappeared. Pre-holiday stockpiling across major ports in the east and north grew daily average deliveries from 35 ports by 102,000 mt on a weekly basis to 2.64 million mt last week. Daily deliveries from ports are likely to stop growing this week as demand falls after Tangshan and Handan extended pollution response from April 20-25 to April 30. Mills purchasing softened at the end of this week and the port stock market is expected trade within a narrow band leading up to the May Holiday.

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Source: Metals Market Index (MMi)

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